If you’ve been paying attention, you’ve read once or twice, our advice to PROTECT YOUR INVESTMENT. That is a simple statement that has a myriad of different applications when it comes to investment properties. Whether it is proper insurance coverage or using quality contractors and personnel, once you’ve made the step to venture into real estate as an investment, all effort should be made to maximize the potential profit of your investment.
One measure of protection, is the language written into lease applications. After taking time to market and find an appropriate tenant for your housing type [apartment, single-family home, etc.] the next vital step in the process is making sure that they know what to expect as a resident of your property, how they’re protected, and how you’re protected. And, you do that by first knowing all of the variables and then addressing them in the leasing contract. One such variable is pets.
Some people subscribe to the “pets are people” mentality, and that’s their right. Those people may object to a fee imposed for having their family member join them in their home. Again, that’s their right. If that’s the case, then your property is not the right fit, because we highly recommend that this be non-negotiable. Potential damage by pets exceeds the usual damages one can expect by normal wear and tear by a tenant. Therefore, an additional fee is warranted.
Damage Possible.
- Waste stains
- Pet odors set into floors, drywall, carpet, etc.
- Damaged floors [scratches from clawing or walking]
- Claw marks to drywall
- Landscaping [plant/grass damage from having outdoor pets on property]; if landscaping is included in their rental fee, clean up of pet waste
- Extermination [fleas and other pet parasites]
Whether you have a scale of applicable fees commensurate with the pet type or size or a flat fee, experts recommend this measure of protection in your rentals. If not, the cost of “flipping” your property can increase with each new lease, far beyond patching a few nail holes in your walls. Make sure your lease advises fee applicable and consequences of violation, advertise as “pet-friendly” for the benefit of other residents, and if you fear this policy will deter any potential renters make the fee refundable upon departure [if no damages exist]. Protect your investment, and remember, Carod Properties is always here to help!
